Top 7 Altcoins Gathering Strength in 2020
Back in 2017, there were only about 800 cryptocurrencies. Currently, according to Coinmarketcap, there are over 5500 altcoins aside from Bitcoin, with a collective market capitalization of more than $250 billion, a sharp rise from the $138 billion they were worth three years ago.
Bitcoin Market Share
As of May 22, 2020, the market share of altcoins is almost $86 billion. Obviously, Bitcoin still dominates the market with 66.2% dominance. But it’s been all downhill for Bitcoin since 2015 when it accounted for more than 90% of capitalization. In 2018, BTC’s share fell to 60%, and many prophesied that Ethereum could take its place at the top of the table, but in early 2020, Bitcoin re-upped its stake to 70%. However, now the picture in this financial sector is changing again.
Top 9 Coins by Market Capitalization
Many analysts believe that the third halving event will lead to another Bitcoin bull run, and the original cryptocurrency will increase its capitalization, while altcoins will gradually lose ground. Nevertheless, with all the crazy downhills and turmoils of 2020, the events in the highly volatile crypto market are rather difficult to predict. However, there are certain trends you can follow. Let’s take a look at cryptocurrencies that are gaining momentum in 2020, according to many experts.
As you can see from the table above, the top 9 coins by total market capitalization as of May 2020 are:
- Bitcoin Cash
- Bitcoin SV
- Binance Coin
These are all familiar projects. But there are several up and coming new cryptos that investors are keeping their eye on. If you play your cards right and put in the effort required, you could be among the first to discover the next big thing in the crypto space. And, who knows, maybe one day one of these coins will be in the top 10 by market capitalization.
This cryptocurrency appeared relatively recently but it has attracted the attention of a large number of experts. The main advantage of Siacoin is its very high levels of privacy and security, which many other modern cryptocurrencies can’t offer.
At the moment, SC costs little, but due to the use of innovative technologies in its development and its high reliability, many predict it will grow rapidly in the future. That is why, although it is just $0.002007 right now, it may be worth investing in it.
The opportunity to buy this coin only appeared in 2018, but by late January 2020, Tron consolidated its position in the top 10 cryptocurrencies in terms of capitalization. The coin might have lost some ground now, but hasn’t lost any of its potential.
This blockchain platform offers its users various entertainment content: games, videos, all kinds of applications, and much more. Probably because of this, it became so popular in such a short time.
At the moment, the capitalization of Tron (TRX) is at $975 million. Nevertheless, as the digital entertainment market has been on the rise since the COVID-19 quarantine, many experts predict that Tron will have a very good growth rate in the long run.
The main advantages of this coin are its safety and anonymity. Indeed, very few altcoins, including Monero, can compare with XVG in this respect. The currency is constantly evolving and it has an ever-expanding new list of functions and capabilities. At the moment, it supports 5 mining algorithms. Owing to these features, many people interested in the cryptocurrency market believe that this asset will actively grow in the near future.
Cardano (ADA) is a completely open project based on a decentralized public block chart. The main goal of the coin developers is to improve the mechanism for creating smart contracts. They also believe their coin, due to its underlying technologies, can greatly help in the evolution of a decentralized economy, making the financial sector much more transparent.
Many experts note that Cardano is really great for the decentralized economy that our world desperately needs because of the virus demonstrating the fragility of traditional markets. That is why when the active mining of this coin begins, its rate could skyrocket. ADA is currently of little value, so maybe right now is the perfect moment for profitable investments.
STELLAR LUMENS (XLM)
Many people call this network a decentralized consent platform since it allows you to support a variety of types of cryptocurrencies. In addition, XLM has a built-in decentralized exchange.
XLM is very well suited for performing exchange operations, which do not take much time and the process of their execution is as simple as possible.
It should be noted that many banks and large companies speak highly of this coin. Many also predict it might take the role of the so-called intermediate cryptocurrency, which will significantly speed up and simplify the exchange of various cryptocurrencies.
Ardor (ARDR) is a virtual ecosystem that is able to offer all participants very convenient tools for scaling. Developers market Ardor as a very convenient system for business, with a lot of additional features, such as the ability to create child chains inside the system itself.
Using this platform, each company is able to create its own coin in order to further receive a commission for its use by others. The speed of transactions can be a pleasant surprise, as in most cases it takes no more than 60 seconds. Many believe that all sorts of companies should use this cryptocurrency since it is the most convenient and functional option for in-house transactions.
This coin’s name speaks for itself. LINK is a decentralized oracle service, which was one of the biggest winners in 2019. Its price grew 500% in one year – from January 1, 2019, to January 1, 2020, hitting its all-time high of $4.95 on March 04, 2020.
After the project activated its mainnet, its associated crypto, LINK, was at the center of attention of the crypto space. The idea behind ChainLink is to connect smart contracts with data from the real world, like temperature or weather. Participants on the network can get access to off-chain data by submitting a requesting contract to ChainLink’s network.
Veteran traders will hardly be surprised to see any of these 7 altcoins on a list of the digital assets proven to be worthy of investing in during 2020. But crypto beginners might be asking themselves what makes these coins reliable and investment-friendly, and how to tell meaningful blockchain projects from scams. First off, always check Coinmarketcap. The service contains all cryptocurrencies that are represented on at least one exchange and have a chain of blocks and an open-source code. Also, instead of trying to find promising coins one by one, you can check exchanges with many trading pairs. Also, choose the exchange carefully. Check the security measures, taken by the exchange (2FA, KYC, etc), hack history, daily trading volume, liquidity, and the number of trading pairs. Here are several exchanges that meet most of the following requirements, listed in order of the number of trading pairs: HitBTC (800+), Binance (500+), Huobi (500+), and KuCoin (400+), and they all trade the 7 coins on our list. And last but not least, remember to do your own research, no matter what you read or hear. Happy trading, everyone!